ICE Canada Morning Comment: Little direction for canola

IGC cuts ending stocks

By Glen Hallick, MarketsFarm

WINNIPEG, Nov. 26 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were narrowly mixed on Thursday morning in light trading volume due to the Thanksgiving holiday in the United States.

With the U.S. markets closed for the day, canola wasn’t getting direction from the Chicago soy complex. Lower European rapeseed and Malaysian palm oil weighed on values.

The Canadian dollar was virtually unchanged at 76.88 U.S. cents, compared to Wednesday’s close of 76.91.

Statistics Canada is scheduled to release its next principal field crops report on Dec. 3. The canola market will see positioning ahead of the report.

The International Grains Council issued its monthly report, which showed lower ending stocks. Total grain was down 1.6 per cent at 619 million tonnes, wheat was reduced one per cent at 291 million tonnes, corn was cut 2.1 per cent at 279 million tonnes, and soybeans were slashed eight per cent at 46 million tonnes.

About 500 canola contracts had traded as of 8:39 CST.

Prices in Canadian dollars per metric tonne at 8:39 CST:

Price Change
Canola Jan 579.60 up 0.70
Mar 575.20 dn 0.20
May 572.20 dn 0.40
Jul 564.90 dn 1.10

Futures Prices as of November 26, 2020

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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